Presight delivers record $602m revenue, up 24.3%

Trade Arabia

12-02-2025

Presight AI Holding has reported record revenues of AED2.213 billion ($602.5 million) for 2024, an increase of 24.3% compared to FY 2023 as the company continued to reap the rewards of its comprehensive offering, investments, and growth in international operations.
The strong performance reflected in EBITDA as well, which grew 25.2% YoY to AED635.4 million due to a favourable deployment mix in FY 2024, the company said. At its bottom-line, the company reported net profit after tax of AED612.8 million, reflecting an increase of 7.4% YoY in FY 2024, including a maiden year of corporation tax.
Presight's top-line performance came on the back of a growing proportion of multi-year contracts, strong new orders, as well as the company's expansion across international markets as it continues to extend its offering to customers globally. On this front, international markets contributed 23.0% of Presight's revenue and booked a 3.5x increase to AED508.2 million in FY 2024.
Moreover, Presight's highly liquid, debt-free balance sheet, with a cash and equivalents balance of AED 1.94 billion in FY 2024, provides ample financial flexibility to support operations and headroom to drive future growth, it said.
Dr Sultan Ahmed Al Jaber, UAE Minister of Industry and Advanced Technology, Chairman of the Board of Directors of Presight, commented: 'Presight's full year results demonstrate strong execution against strategic objectives, namely international expansion, investing in capability and innovation, and growing through value-accretive M&A. At the heart of its business lies a commitment to leverage artificial intelligence to bring transformative benefits, across a diverse range of industries, that define a safer and more sustainable economic future, and I am confident that Presight will continue to create value for all stakeholders in both the near and medium term.'
Thomas Pramotedham, Chief Executive Officer of Presight, commented: 'The past twelve months have been transformational for Presight. From establishing ourselves as a critical AI and digital transformation partner across key state-owned enterprises in the UAE, to supporting governments and large enterprises across four continents in realising their strategic AI ambitions by adopting 'Applied Intelligence' today.
'FY 2024 has been a year of outstanding operational execution, with every metric from orders, revenue, profit and cash exceeding market expectations. Ending the year with an AED 2.99 billion backlog stands us in good stead to drive future growth.
'We made significant additions to our growing portfolio of best-in-class Applied AI products and solutions, including our Presight Enterprise suite, to support large-scale deployment of AI technology.
'We acquired a majority stake in leading AI energy provider, AIQ, and launched ENERGYai as the world's first Agentic AI Energy Platform which, together with the formation of our IntelliGrid joint venture, will enable Presight to play a pivotal role in the global energy transition.
'These results are a testament of our commitment to use technology and AI to solve complex problems for the advancement of humankind and deliver significant value accretion for all stakeholders.
'I remain grateful for the wise counsel and visionary leadership of our Board of Directors, as well as the continued passion and dedication of all our colleagues across the Group. The results today speak for themselves, but this is just the beginning. There is so much more we can and will achieve, creating a perpetual impact globally through the responsible and ethical use of AI.'
The 2024 business highlights include:
• Renewed existing and negotiated new domestic/international contracts with a value of AED3.6 billion.
• Forged strong technology partnerships, including global technology leaders such as Microsoft, Dell and Intel, to further enhance our technology portfolio and accelerate 'Applied Intelligence' AI projects across the region.
• Acquired 51% of AIQ, a leading provider of AI solutions in the energy sector.
• Through AIQ, launched ENERGYai, a first-of-its-kind Agentic AI platform for the Energy sector. ADNOC has committed to deploy ENERGYai across its entire upstream value chain.
• Formed IntelliGrid, a joint venture between Esyasoft and Presight, which signed a 13-year, AED 1.76 billion preliminary agreement with SOCAR, the state-owned national oil and gas company of Azerbaijan, to implement a state-of-the-art Smart Gas Grid Management System across the entire AzeriGas service area in Azerbaijan.
• Launched cutting-edge AI and Applied AI products and solutions, including the sector and scale agnostic Presight Enterprise suite and Presight Intelli-Platform underpinning a raft of a scalable, adaptable Smart City solutions.
• Launched Presight DataHub, the UAE's first sovereign enterprise data marketplace platform and Presight AI-Startup Accelerator Program.
• Strengthened membership of our Board of Directors, bringing unrivalled leadership, guidance and expertise across the AI, Technology, and Energy sectors.
• Received the 'UAE AI Data Analytics Innovator of the Year' Award by Dell Technologies.
• Maintained the highest standards of corporate governance, manifested in the award of nine ISO certifications. -TradeArabia News Service